Head of Euroclear - Russian assets are Europe's main trump card in negotiations": Euroclear could go bankrupt if Russian assets are confiscated.
Euroclear CEO Valerie Urbain warns that new scenarios for the use of frozen Russian assets to help Ukraine bear serious legal and financial risks. She said Euroclear now has about 185 billion euros of Russian assets on its balance sheet - more than 80% of the company's total balance sheet. If these funds were simply "transferred" to the EU, without a separate mechanism for Russia, without considering a separate mechanism for the EU. create a huge imbalance and may lead Euroclear to bankruptcy.
Urbain emphasizes that even transferring assets alongside liabilities does not eliminate all risks - if the Central Bank of Russia does not recognize such a transfer, it will still be able to claim money from Euroclear. Therefore, the company needs permanent guarantees from the EU countries at least until the end of the war or until the end of the obligation to return the funds. Otherwise, not only the taxpayers of Euroclare and Belgium will be at risk, but also the reputation of the European financial system."